South Korea is heavily reliant on exports, and with the global economy slowing down, particularly in China-one of its largest trading partners-there's been a sharp decline in demand. This has affected key industries like semiconductors and automobiles
one more issue is the declining population. South Korea has one of the lowest birth rates in the world, which could lead to a shrinking workforce and a heavier burden on the social welfare system in the long run. That puts additional pressure on the economy
On the positive side, South Korea still has a strong technological base and is a leader in industries like 5G, artificial intelligence, and green technology.
The government is also rolling out various stimulus measures to boost the economy. Plus, the country has strong financial reserves, so it’s not like they’re running on empty
So it’s not all doom and gloom. But if someone is looking to invest in South Korea or has financial exposure there, wouldn’t this uncertainty make it tricky?
South Korea has a weird relationship with them. If it didn't have them its economy would not be as competitive on the world stage. But, having them has hindered the growth of local brands.
No matter how many jobs they create or how much taxes they claim to pay, monopolies always end up running the country into ground economically and socially
@@FictionHubZAyea it’s dictator in the 70s or 80s was the one to blame/thank for SK economy boom. As well as putting out the SK soft power we all know today (K-pop,Kdrama,Kfood). But he also consolidated power and spread it amongst businessmen who could expand it which they did but then they kept it for themselves.
Because the periods of negative growth are so few and far between. The human population and economy have experienced growth since the neolithic revolution. They have experienced exponential growth since the Industrial Revolution. Periods of negative growth? Black death? Fall of Rome / Han China? Other than that it's pretty much been straight up and to the right. And it's been exponential for more than 7 generations. So when you say infinite growth is a myth, it's really the story of human history. But not forever, you protest. Well, I can't say forever, but for the last 10,000 years...
Our planet is still sooo far away from becoming a type 1 civilization on the kardashev scale and this alone indicates enormous room for growth. Infinite growth is actually obvious
@@maemorriExponential human growth mean anything to you? Producing resources to match isn't exactly natural as there is checks and balances. And those checks and balances wont be pretty for humanity. Why are humans *like you* so daft on acknowledging ENTROPY? What is your angle/what's in it for you? Peaceful anti-natalism is the utilitarian solution.
@@akito_yuki309 Agree with this opinion - The Netherlands, UAE, Vietnam are still emerging, Denmark and Spain have also overcome risks. The US economic monopoly is expected, and there is also the extreme case of Rwanda
@user-sg1wo1jc2b Oh yeah the economic powerhouse of Kazakhstan. Everyone around the world dream of getting a job in Almaty for sure lmao the fact that every other person in KZ has microcredit debt is just fake news right 😀
@hwjsnfnkfk I would not offend the much bigger neighbor. He can let you live in peace and prosperity in the long run. He can give you nothing but headache.
Korea's economy is over 60% government supported GDP... most major companies are just running on government funds and incentives, so the government is not getting its money back
You can replace workers with machines But machines cannot be consumers . How can the Japanese government grow the economy if 800,000 consumers are Disappear every year?
@@KarlMarch-z6kPlaza Accord took place in a New York hotel which devalued Japanese yen and other currencies, which handicapped Japan’s economy, like the Mexican peso crisis, the Asian financial crisis in 1997 when’s Soros ran the Thai baht after he ran the British pound, and like the hegemony of the U.S. petrodollar which is finally being challenged now by de-dollarization, in other words the currency wars. BTW by the way, South Korea markets have to buy more U.S. sugar than any other Asian country, according to a graduate student research paper of Prof. Bruce Cummings at University of Chicago.
I am Korean. Developed countries always experience a population cliff. Europe is the same. So they just replaced the Muslim population. It is natural for marriages to decrease when you become developed. The world is now entering the AI era. If underdeveloped countries industrialize and develop, they will naturally experience population decline even if they become developed later. And the marriage rate will also decrease. Currently, China is also experiencing a population decline because young people are not getting married. In the distant future, we will enter the AI era and all work will be replaced by robots.
@@gavinlew8273GDP growth essentially equates to profits for business owners.Given that nation states exist in service of finance, industry and merchantry you would naturally expect them to promote GDP growth.
You can replace workers with machines But machines cannot be consumers . How can the Japanese government grow the economy if 800,000 consumers are Disappear every year?
@@大野靖男of course good sir it’s about balance….South Korea needs to find a balance. Keeping the birth rate above the replacement ratio is a good start. Lookup the Solow economic growth model
Interesting topic. You capture some of the issues faced by Korea but you only mention in passing the single most important issue - population stabilization and decline. Economic growth rates directly correlate with population growth rates. When population growth slows or reverses into population decline, everything that powers economic growth - available labor, demand for products and, perhaps indirectly, productivity follows. This isn't necessarily bad. It just means we need to find an economic model that works in such an environment. That has been Japan's challenge. It will be interesting to see how Korea faces it.
It looks like the South Korean Economy has reached the limits of its potentiality. But this is in the economics sense. It is a hidden blessing. It will restore equilibrium to SK. The slowdown is bound to cure the demographic bombshell that SK is facing headlong fast. It is good that Koreans will not be as seduced by comfort and modernity to their own detriment as they have been these last few decades.
@@bircruz555 there is one key thing people kind of forget. The Chaebols make most of their money from selling products to other countries. South Korea could simply just become an export-driven economy instead of a consumption-driven economy like the USA.
@@FictionHubZA Point well-taken. SK is both an export-oriented and consumption-oriented economy. Sticking to one alone will mean a general reduction in standard of living. On the level of the nation, this is a good thing. And any accommodation of the demographic problem will require sacrifice by South Koreans. Bling-bling is overrated.
People aren't going to have babies until they know they can afford them and give them a decent life. If you're going to spend your life being overworked which the average Korean absolutely is, no one is going to have time to meet people and settle down. Let alone raise children if they c abrely afford to keep a roof over their head. Hard times in industralised economies does not lead to population growth. It does the opposite because children are a liability rather than a benefit like in agricultural economies. People need to live comfortably with the cost of living at a reasonable level to want children.
Good comment. Means unemployment is low, people working, low crime, clean cities....etc.. Love it! Just don't allow American Liberal to Muck things up.
A bit of confusion here between growth and growth per person. What matters to a population is wealth per person, not absolute wealth. India is richer than Switzerland, this doesn't mean Indians are better off than Swiss people. A declining Korean economy by 2040 isn’t necessarily a problem if the population is falling too (which it is). Rising productivity (per person) and proper distributional policies can improve living standards even as growth declines.
That's mainly because, the overall GDP and some other factors of country is what protect it from outside influence, for example being ahead of other countries in certain aspects gives countries huge influence and leverage over other countries, if SK to lose its influence and leverage, which automatically gives others to increase their influence and leverage in SK, so that outsider country can easily bend the country for it's own benefits or can destabilize the country very easily@@aoh4905
You will end up with a population collapse thinking that way. Young people between 30-50 pay most of the taxes that maintain the oldest of society, even with private retirement plans. GDP matters, GDP per person more, but also maintaining or growing population.
@Zelielz1 no one is sure what a shrinking population will have in the future What we can assume is with advancements in tech and science the quality of life for the fewer people around will likely be better off per person than it is now
I believe South Korea can be seen as a living organism, striving for equilibrium. In this sense, the country is reducing its population to achieve a state of homeostasis. The people, its living cells, have been pushed to their limits by extreme work and study culture, intense competition, and soaring housing costs. It's as if South Korea recognizes that it can't sustain this 'overgrowth' in such a densely populated area. So, it's undergoing a kind of 'diet' to reach its optimal balance. I believe that once this adjustment is complete, the country will continue to shape a healthier society. It's an ongoing process for the survival and well-being of its people.
If you have lived in South Korea for a while, you will find it's not strange to know why the economy is so bad because young people have no passion and energy. Everything seems to die.
It is really not exclusively young people's fault. Younger people in Korea, classed as generation MZ, have higher living costs than twenty years ago. Property is greatly over-valued. Getting a good job is even more of a high-stakes operation than it used to be. Older people who own property seek to maximise their investment at all costs. Yet, salaries do not keep up. So, young people, who may try very hard, end up thinking, "What's the point?" So, they give up things. They decide not to have children, or not even to get married.
The older property-owners, may treat housing as an investment, and not as a place to live. As they increase rents and puff up mortgages, they suck the life out of younger generations. Alternatively, wealthy younger people who inherit property, may look at a flourishing, characterful area of Seoul, and not value it. They will then jack up the rent to kick out the staff, then create another cosmetics shop, or knock down everything. Young people may be at fault for not organising to demand change. The fact that the chaebols aren't doing so well is a warning sign.
You can replace workers with machines But machines cannot be consumers . How can the Japanese government grow the economy if 800,000 consumers are Disappear every year?
Nationality is meaningless when describing the crowded oriental subway system. Anyway, I think Korea's subway system is the best among the three countries.
@@druvitduleh4883how many Chinese cities and subways have you visited? All the underground stations in China have air conditioning. The senior over 60 years old in China ride the subways for free or half price depend on the cities policy. And over 65 years old ride for free in all China. About half subways stations look like 5 stars hotel lobby, or like art museums, some subway stations have library. Some subways stations have breastfeed room and provide the diapers for baby and period pads to women for free.
Are any countries making progress? Every expert says the same thing - yet, countries still function. Why is that? Are we all doomed? I don't believe that
There’s no goal in growing gdp by a certain percent each year. For undeveloped countries it’s great, but not for already developed ones. Rather the goal is to ensure high quality on life for as many people of the country as possible
South Korean education isnt excellent. They dont fail students or give them low grades. As an English teacher even if a child couldnt speak or write 1 word of English you still had to give them a good grade. SK University degrees are not looked well upon for the same reason. Highest rate of child suicide in the world thanks to a terrible education system that forces kids to go to 8 hours of school and then 8 hours of Hagwon private education. And yes, the parents send them but the government should shut these down and provide good enough education at school so that kids dont need to study for 16 hours a day 🤷♀️😱
As a student in Korea, I must say that this statement is partially incorrect. If a student is not good at English, the teacher will naturally give them a low score, and they will be forced to compete with many other students receiving extensive education, leading to stress and fatigue. This is one of the reasons for the high suicide rate.
@@sky-ec7ro now this is another information and it conflicts the OP, could you give me more information? I'm a Brazilian and I am engaged in politics, specially policies about education, and our education system here is awful as nobody receives bad grades too
In the Korean education system, grades are highly stratified, allowing only the top-performing students to get into prestigious universities. I believe this system is well-structured. However, the competition has become excessively intense. Everyone invests significant time and money in trying to get into universities that fall within the top 5%, leading to considerable losses.@@ethandouro4334
South Korea has already become developed. Per capita income levels are similar to western europe. So Growth has to be led by productivity only which can at best grow by 2%. Any extra growth has to come from exports to USA. So if US economy grows at 2%. South Korea can barely grow at 2-3%. But it is not bad at all. Compared to Spain, Italy and other southern europe, South Korea is Far ahead. Only Nordic countries, Germany, benelux countries are ahead of them. South Korea will always be at top 10 countries. What else can you expect?
As Korean whenever visit Europe i feel that our daily life looks better than most European countries. I drive MB S63 , dining out at fine restaurants anytime and travel in besiness class. Golfing at private club. Economy goes well even low comsumption.
Korea's GDP is heavily government supported. Nearly 60% of all Samsung funding is not from profits or revenue, but from Government incentives and funding. Almost every Samsung ad you see in the world is funded by the Korean government. So in other words, if Samsung makes a loss, it doesn't show on their books, but the government lose a lot of money and keep gathering a lot of debt.
@@NimoraSamsung is one company. I'm talking about the economic growth for the whole economy. Which includes bother public and private sector. Which is a lot better than almost all of Europe with some economies posting economic growth below 1% and sometimes even minus, even the German economy is struggling to get above 2%. Meanwhile Korean GDP growth is above 2% yearly and if forecasted to keep growing at this rate for the foreseeable future. They also have government supporting the economy but still can't grow. So, South Korea is outperforming almost all European economies and is still somehow doomed? We only see innovation happen in America and China nowadays, so South Korea is by no means unique in seeing economic slowdown, almost every single economy europe is a lot worse off.
Not to mention the demographic collapse of its' population. Current S Korea birth rate falls below .7; Just this year there were hundreds of schools closing down, the economy is switching to a childless one as Many service sector business now aimed at providing services for Single men and women, for example pet industry is growing rapidly as Many would buy pet to cure the loneliness. One day for sure That N Korea would unite with the S Korea with out firing a Single shot as There are no people to fight.
Population of North Korea is currently have that of South Korea, it would take generations for that to happen, and even then we are not counting South Korean diaspora of which there's millions all over the planet. Not saying you're wrong just wanted to add context.
@@Angel-qp9mp You're assuming their population is decreasing with a constant speed, but no, usually it's decreasing exponentially. It's happening faster than you think.
@@aoh4905 Ive always felt SK is a quietly unnoticed leading indicator for the world in many aspects: birthrate decline now the west, "untact generation" now jonathan haidt, infinity sideways kospi soon spx/nasdaq 💀
If you look it that way, it's even more impressive that Japan has been holding up up for so long. I mean the economy is stagnant but it's stagnant for 30+ years, not getting significantly worse or better.
I know you need to put out videos for clicks and engagement but this seems blown out of proportion; Korean products are still highly competitive and have a great reputation globally (as someone in the US, the premier superpower nation, can attest to), and the Korean economy still is doing alright. They avoided the middle income trap not sure what people in the comments are talking about... Its certainly no paradise but it isnt as bleak as it is painted here
Three factors that are hindering Korea's economic growth. 1. Population decline. 2. Cheabol's inefficiencies and lack of competition/aggressiveness/innovation/transformation as they once had. 3. China's rise and domination in the region and the world.
America says China over subsidies EV, but isn't South Korean government also subsidized for their chaebols for decades to grow bigger. To make cars cheaper than Japan to have an advantage in exports?
It gets views that’s why they keep spewing this shit over and over again. The reality is a 10 minute video cannot describe issues of the Korean economy. Or even any economy on earth. This video and every other video that says the end of _____ miracle or describes countries as dystopian will not even become close to becoming nuanced or describing what it’s actually like. But plenty of people will eat this shit up and believe it. The same with X country is gonna die out because they don’t have babies. Or all the anti American stuff people eat up online along with the anti China bs people love.
In a sentence, SK can't compete with China and lost. YT videos today are saying the same thing in different ways to lengthen the video, also provide unnecessary lengthy background or history. Usually I fast forward to skip the annoyances.
@@kcng918SK is a developed country with very high standards of living all across the board. It does not compete with a developing country like China with living standards similar to Korea in the 90s.
@@Kua99583 S.Korea is nothing in front of China, accept that fact, SK are only equal to a small province in china. And China also has cities with high living standards and modernity can compare to seoul or even better in some aspects. increasing the GDP per capita of 1.4 billion people is much much more difficult than 1 small country like SK. Using your logic, SK is nothing compared to Hong Kong .
People of SK are smart, diligent and strong. I live in a very highly industrialized European country that produces high-tech staff. But we buy Korean staff, TV, car, phone.. Because Korean products are vey reliable. SK will come through its problems. They have very strong mind. Greetings from Sweden to SK..
Thank you. As a Korean, I believe that we will find a way to survive, just like we have survived all the hardships of the past. Koreans become strong when we face challenge. So Thank you.
6:05: "The population is shrinking rather than growing, and the labor force is shrinking along with it." Korean Labor force: 2023: 29.6M 2022: 29.3M 2021: 28.8M 2020: 28.6M 2019: 28.8M 2018: 28.5M The Korean labor force is at an all-time high, and since 2020 has been continually growing. Please state your source.
gdp naturally slows as a country becomes a developed nation. export-oriented economy made them come up to the point they are, and their heavy investment in r/d will continue to make them competitive
I studied there back in 2018 and my American professor said that, unlike China and Japan, it's really hard to escape the middle income trap. Chaebols basically made it impossible to compete with them. They will always create something that's better, cheaper and more readily available compared to what your average joe can make
@@dntdnt9999 *Yeah I don't think of these guys knows what they are talking about, South Korea escaped middle income trap 30 - 40 years ago back in 1980s ... Today it have a living standard similar to countries in Western Europe especially in real terms.* *Middle income trap I mostly describe in a describe how to describe Malaysia and Thailand however they also just escaped it quite just miraculously, Especially Malaysia just recently entered High income country (about 2 years ago) I guess that is the sign that they have escaped the middle income trap?*
South Korea has definitely already escaped the middle income trap, and is just as developed as Japan, and far more developed than China, especially outside of the tier 1 and 2 cities.
*... but also remember there are some Westerner with some unscrupulous intentions still try to call Japan an "emerging economy" despite it is industrialized 140 years ago and the defeated "the Great Armada" of Britain and basically sent the entire Russian fleet (sank the main fleet then this is reinforcement backup) into the bottom of the ocean over 100 years ago* *Try to convince me that they are just ignorant and don't know any histories 👍*
@@dntdnt9999*... but also remember there are some Westerner with some unscrupulous intentions still try to call Japan an "emerging economy" despite it is industrialized 140 years ago and the defeated "the Great Armada" of Britain and basically sent the entire Russian fleet (sank the main fleet then this is reinforcement backup) into the bottom of the ocean over 100 years ago* *Try to convince me that they are just ignorant and don't know any histories 👍*
@@breakaway2x usury is a curse ,all religions say that but the modern economy and banking system is designed on loan and usury. Another curse is cheap dopamine. Instant shoots of cheap dopamine have snatched off people motivation. That's why even music is haram in islam as it is a form of cheap dopamine. Islam hates all things which provide cheap dopamine. You can see how drug addicts most of the time are failure. But nowadays society as a whole is becoming addicted to cheap dopamine, through social media, masterbation, pornography, drugs and reels.
South Korea has an inspiring historical economic development. I live in Turkiye. 40 years ago, it had an economy on par with Turkiye. Now it has surpassed Turkey. It has large developed companies. Even though it has some economic problems, I think South Korea still has a developed country. I hope their economic situation will be better.
@@silverianjannvs5315 They became a cheap workforce for western companies, so when you look at the label on a whirlpool washing machine you can often see "made in Turkey".
Institutions must evolve as their society change. That is true anywhere. If the social, political, and economic institutions do not change to fit the new reality, they create rigidity and kill off innovation. The result is stagnation. History is full of countries which did not change with the new conditions they face, and suffer failure. Looks like South Korea is the latest example of this rule.
seoul birth rate as we speak is sitting at 0.7, meaning every 3 couples you will get 2 babies. presume the number dont change, 3 generation later korean population will drop to about 15 millions. the most reliable market u can fully control r u domestic market, if u dont even have that really there nothing much u can do.
From a brazilian point of view I hope that Korea use the conections of its people spread for the intire world to find a way to raise its economics again... nice people😊
We know that we’re in trouble, but we’ll find a way as we’ve always been. Nothing has been done easily, whether it's the Korean War, democratization, or the 1997 IMF economic crisis. And yet we always found a way. It's a really tough time, but I believe our country will get through it.
I am Korean. Developed countries always experience a population cliff. Europe is the same. So they just replaced the Muslim population. It is natural for marriages to decrease when you become developed. The world is now entering the AI era. If underdeveloped countries industrialize and develop, they will naturally experience population decline even if they become developed later. And the marriage rate will also decrease. Currently, China is also experiencing a population decline because young people are not getting married. In the distant future, we will enter the AI era and all work will be replaced by robots.
One of the main reason is most of Korean industries are overlapping with Chinese. Just a matter of time for China to catch up due to size and population.
Problem with china is its image, chinese products suffer of in image of bad quality. People will still prefer japanese, south koreans and european products over anything chinese
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@@justlim622 you missed your golden opportunity, now you have north Korean to worry about. Always thought you Korean were different and had huge Respect coz of honest people like Yoo Jae Suk, but reality is too shocking, your people are too misogynistic and racist towards Indians and other minor Asians so of course we are dislike Koreans now
Main reason above all is the change of economical environment of the world. Once friendly and affirmative with the growth of Korean economy so that less odds and difficulties was expected in the global marcket for us are now drastically changed due to the rise of chyna that violating so many good environment of the world market in so many cheating ways. That thing has built strong trade barriers with developed countries who has been long costumers of korean products but decoupled from all export driven growing countries like us, in fear of surging chyna's dirty plays in global market. Overall the root cause of decline in our economy stems from chyna's so many dirty plays to have violated and destroyed the sound environment of trade. Aging the labor forces and declining population or lackluster enthusiasm of businessmen to success is next causes of the decline of our economy that also originated from the vicious effects of chyna's rise and derangement in world markets. Our decline is aligned with the fall of western society in terms of decreasing revenue from trade. The developed countries have been exploited their property to chyna by so many cheating ways that has prompted themselves to build walls against all export countries, and that's the main reason.
Besides the population decline, S.K. really needs to curb the conglomerates from being able to buy out or crush every really good potential startup companies. There are so many smart people in this country that can invent new ideas, but what is the point when they will just be forced to be bought out for pennies or crushed because the conglomerates can copy their new invention without any repercussions, since they control all the judges and politicians. I think giving conglomerates less power will definitely improve the SK economy in the long run.
I am a South Korean. In general, the sugar content of fruits is higher in the fall, not in the summer. What I mean is that in the midst of the reduced population growth rate, new generations with superior abilities are being cultivated. Among them, geniuses like Elon Musk will emerge and lead us. It is true that we are facing a great crisis now, but I think that all crises, like in the past, will make us more capable and agile.
Some nobody makes a TH-cam video and they are at it. Korea is better than USA to live life. This coming from a guy who grew up in US and lived there 30years. The quality of life in Korea is much better. It’s safer. The convenience. Free healthcare
Depends on everyone's experience but healthcare is night and day better in Korea for sure. Problem with foreigners is most of them want to live in Seoul with very little skills which is like someone trying to be an amateur star in Hollywood or New York. It's going to be hard and costly.
went to usa for college and graduate degree. came back to seoul and now realize SK is utopia compared to the west. no perfect countries exist but SK is great. 🇰🇷
Interesting video. I think that in the 2010s, Koreans grew by taking advantage of the ‘American methods’, but in the 2020s, they seem to be in a precarious situation cuz they are also following the same side effects. Many people predict that Korea will follow the Japanese-style crisis, well honestly I’m not sure… No matter how I look at it, I think they are following the past of the fallen states of the United States. At least, the Koreans I met during the pandemic year still had passion. They might be busy fixating on the right answer they hope for. Unfortunately, most successes without philosophy are like that.
You showed Korean semi-conductor industry as being "failure" in innovation and the industry Koreans failed to enter. But Samsung chips did so well and one of the biggest chip makers in the world UNTIL the chips act the US banned them from trading with China thus losing 90% of their profit in a single year. Koreans and Japanese ain't stupid, they know how to change strategies and continue their growth. In fact they are one of the smartest countries in the world. However, they're ideologically under American dictatorship and State Department will decide if the grow or not.
요즘 유튜브에 한국 경제 관련 컨텐츠가 많던데 별로 보고싶지 않고 듣고싶지도 않습니다. 그런데 사람이 보고싶은것만 보고, 듣고싶은것만 들으며 현실부정을 한다면 그사람은 영원히 발전이 없겠죠. 그렇지만 가끔가다보면 전혀 근거가 없는 낭설을 예시로 들며 날조를 하는 클릭베이트성 컨텐츠가 많은것도 사실입니다. 왜냐하면 우리도 우리 미래가 마냥 장미빛이 아니라는걸 알고있고 또한 현실을 직시하며 해결방안을 모색하고 있기때문에 최소한 어느것이 사실인지 거짓인지는 우리도 알고있거든요. 요즘 유튜브에는 한국은 이미 멸망해서 지도에서 사라진것으로 표현이되네요 ㅋㅋㅋ
It's a country of food consumer negative. If every working class and people eat at home and can't afford to eat out. The food industry is depressive and its rippling food related sector spending that fuel a country's economy. Food generally is expensive. The tourism industry not catering to Asian tourist economy. Hotel cost is so expensive in the cities US$100 up a night for asians RM$430, whereas in Malaysia you can get a decent hotel room at RM$100 (US$23.60) and abundance of budget hotels catering to every budget conscious tourists. Land is expensive and scarcity makes commoners can't afford to own budget hotels.
S Korea is one of the cheapest places to eat out... you can even deliver food home which is cheaper than almost every western country. And Korea/Seoul is pretty cheap to live in... problem is everyone wants to live like a star. You can get decent places for $400 a month in Seoul... just stay away from posh neighborhoods. Or live in a different city.
@@wendyshoowaiching4161 your comment is what people who are online all the time will say Korea is cheap to eat out compared to other developed countries 😂😂😂
American engineer here who works for South Korean company (you can prob guess). Many of the Korean engineers I work with, as soon as they come to live in the U.S. as an expat for a stint of time (1-3+ years), almost always are willing to give up their safe and secure employment to immigrate into the U.S. for their family and more specifically their children’s sake. The company itself forbids it, probably because it’s expensive and brain drain is real, but the engineers more often than not always go for that green c.
Sure but that's just what you see... majority stays because that's just how countries are. Engineers do get paid more in America though but it has its pros and cons.
I know a dozen of korean peers who moved their entire family to south east asia countries like Malaysia or Singapore, to escape the "living hell" (this is the word used by them) in Seoul.
@@leezhieng China has also lay flat and let it rot economic-social issues and has not yet to achieve developed country status while already ageing at a rapid rate. To each country it's own problems.
This insightful analysis sheds light on the intricate dynamics of South Korea's economic model, highlighting the challenges it faces in sustaining its growth trajectory. The evolution of the country's high-tech industries through a strategy of creative imitation is fascinating, but as the global landscape shifts, the limitations of this approach become increasingly apparent. The stagnation of growth, coupled with the changing competitive landscape, necessitates a reevaluation of South Korea's economic paradigm. The entrenched interests of the conglomerates, the waning advantages that propelled their success, and the inertia in policy reform all point to a critical juncture for the country's economic future. The imperative for adaptation and innovation is clear, but the path to rejuvenating South Korea's economic prowess remains uncertain. It is a compelling narrative that underscores the imperative for proactive measures to navigate the challenges ahead and secure the country's standing as a global economic powerhouse. What are your thoughts on this analysis and the prospects for South Korea's economic reinvention in the face of these complexities?
Germany is doing fine, don't listen to the cyberbullying out there, it's only gossip! Germany is still the first economy in Europe and the third in the world! They are perfectly capable of overcoming any crisis and come out straight and clean, as their history shows over and over again!
?? Korea made world first SNS and VOIP, plus navigation system and e-government are all world's first. I don't know what made you think Koreans only copied western products but next Korean innovations will likely come in forms of smart public transportation, personalized AI education and artificial sun "KSTAR". We'll see.
Korea's most profitable products today are smart phones and tablets. These are products unabashedly copied from Apple and other American companies. It led to the "patent wars" in the 2010s. The only thing that stopped the patent war was the cross-licensing business model. A smart phone has hundreds of components, each of them protected by patents. Apple and american companies need some of Korean patent rights in the digital screen in order to ship their own products globally. So they had to settle the legal disputes with South Korean IP thieves.
A nation that innovates rules the world , a nation that imitates can only go so far, japan s korea now china all r declining , too much dependency on exports & most exports r 'discounted' by central banks to remain competitive in world markets, this loss making concept cannot run for long , as the standard of living goes up cost of production increases , lower income nations like vietnam , malaysia r waiting to take over 'plus' negative population growth , that's the final nail on the coffin .
I am Korean. Developed countries always experience a population cliff. Europe is the same. So they just replaced the Muslim population. It is natural for marriages to decrease when you become developed. The world is now entering the AI era. If underdeveloped countries industrialize and develop, they will naturally experience population decline even if they become developed later. And the marriage rate will also decrease. Currently, China is also experiencing a population decline because young people are not getting married. In the distant future, we will enter the AI era and all work will be replaced by robots.
Marriage is a choice, not a compulsion. If you have a lot of money, it is natural not to get married. Southeast Asia may develop in the distant future, but Southeast Asian countries will also experience population decline 100 years after industrialization. This is natural. Currently, Thailand is not a developed country, but an underdeveloped country, but it has a serious low birth rate problem.
@@iaam8141 Surprise, surprize , America has been at war for 222 yrs in ite 248 yrs of existence, 2021 Oct ,the afgan war came to an end. The world enjoys r the privileges part of war industry right from chips , internet , gps, the moon landings, the sensors 'war industry n innovations' go hand in hand .
@@iaam8141 Couple things learnt from the history , united states has always been in war & in debt ( except for a few yrs ) through out its existence , 222 yrs of war , 245 yrs of debt , nothing new .
When you have no natural resources, you hit the ceiling of development pretty fast. You need to keep developing new tech and product to keep growing and, but in the era where technology becomes comoditized quickly, it is becoming an impossible feat. China, the us, indonesia and russia maybe the only countries that can still grow 3 to 6% a year because of the natural resources they have, and the price of the natural resources are not getting lower due to their scarcities.
Hello, I want to start investing, but I'm unsure where to start. Do you have any advice or contacts for assistance?
It's prudent to seek expert advice when creating a solid financial portfolio due to its complexities.
The truth is, you can't succeed without a reliable person like Naomi
Naomi's distinctive strength is her pragmatic approach, setting her apart from other brokers who often set unrealistic goals and fail to deliver
So, you all know her too? Her success story is everywhere!
If someone is straightforward and skilled in their work, people will always recommend them. I appreciate her honesty.
South Korea is heavily reliant on exports, and with the global economy slowing down, particularly in China-one of its largest trading partners-there's been a sharp decline in demand. This has affected key industries like semiconductors and automobiles
household debt in South Korea is quite high, which poses a risk if interest rates rise further
one more issue is the declining population. South Korea has one of the lowest birth rates in the world, which could lead to a shrinking workforce and a heavier burden on the social welfare system in the long run. That puts additional pressure on the economy
On the positive side, South Korea still has a strong technological base and is a leader in industries like 5G, artificial intelligence, and green technology.
The government is also rolling out various stimulus measures to boost the economy. Plus, the country has strong financial reserves, so it’s not like they’re running on empty
So it’s not all doom and gloom. But if someone is looking to invest in South Korea or has financial exposure there, wouldn’t this uncertainty make it tricky?
This is where monopolies take us
South Korea has a weird relationship with them. If it didn't have them its economy would not be as competitive on the world stage. But, having them has hindered the growth of local brands.
No matter how many jobs they create or how much taxes they claim to pay, monopolies always end up running the country into ground economically and socially
Step aside company town, here comes company country.
@@FictionHubZAyea it’s dictator in the 70s or 80s was the one to blame/thank for SK economy boom. As well as putting out the SK soft power we all know today (K-pop,Kdrama,Kfood). But he also consolidated power and spread it amongst businessmen who could expand it which they did but then they kept it for themselves.
It's a model that helped but now it's not only not helping but hindering growth for future decades.
Infinite growth is a myth - why is this so difficult to understand?
Because the periods of negative growth are so few and far between. The human population and economy have experienced growth since the neolithic revolution. They have experienced exponential growth since the Industrial Revolution. Periods of negative growth? Black death? Fall of Rome / Han China? Other than that it's pretty much been straight up and to the right. And it's been exponential for more than 7 generations. So when you say infinite growth is a myth, it's really the story of human history. But not forever, you protest. Well, I can't say forever, but for the last 10,000 years...
Our planet is still sooo far away from becoming a type 1 civilization on the kardashev scale and this alone indicates enormous room for growth. Infinite growth is actually obvious
@@maemorriExponential human growth mean anything to you? Producing resources to match isn't exactly natural as there is checks and balances. And those checks and balances wont be pretty for humanity. Why are humans *like you* so daft on acknowledging ENTROPY? What is your angle/what's in it for you? Peaceful anti-natalism is the utilitarian solution.
@@vivekpraseed918Another lost human.
Why does US keeps growing?
Is there any country whose economy is not in trouble these days?
i think for now Vietnam, India, Singapore, Indonesia, UAE, Netherland, Poland, and Norway is on the right track.
@@akito_yuki309 Agree with this opinion - The Netherlands, UAE, Vietnam are still emerging, Denmark and Spain have also overcome risks. The US economic monopoly is expected, and there is also the extreme case of Rwanda
@@akito_yuki309id also add spain and kazakhstan
@user-sg1wo1jc2b Oh yeah the economic powerhouse of Kazakhstan. Everyone around the world dream of getting a job in Almaty for sure lmao the fact that every other person in KZ has microcredit debt is just fake news right 😀
@@akito_yuki309No. I think India’s growth is overrated. It is fueled by unsustainable borrowing and debts.
20% content
80% slow talking filler
he does sound strange
Ai
speed it up bro
@@johnclaudefrancisco1387
fast talking filler is still filler
It sounds like half the video was written by chatgpt. A whole lot of nothing
But don't worry. They'll find a way, just like they always have.
You can only grow so much as a Nation. Its definitely stagnant but the economy is still great.
It's still growing faster than many countries with similar gdp per capita. This sounds sensationalist
For Korea, having reached an income level of over 30k USD, of course the growth rate will slow down.
SK is losing their risk taking spirit. Mindless competition with a neighbor 70 times her size.
@hwjsnfnkfk I would not offend the much bigger neighbor. He can let you live in peace and prosperity in the long run. He can give you nothing but headache.
Korea's economy is over 60% government supported GDP... most major companies are just running on government funds and incentives, so the government is not getting its money back
Their population crisis is the biggest problem. Young people fuel the future.
You can replace workers with machines But machines cannot be consumers .
How can the Japanese government grow the economy if 800,000 consumers are Disappear every year?
@@carkawalakhatulistiwa
Machines and AI is the wild card.
Japan is a perfect example. They were stagnant for 30 years.
@@KarlMarch-z6kPlaza Accord took place in a New York hotel which devalued Japanese yen and other currencies, which handicapped Japan’s economy, like the Mexican peso crisis, the Asian financial crisis in 1997 when’s Soros ran the Thai baht after he ran the British pound, and like the hegemony of the U.S. petrodollar which is finally being challenged now by de-dollarization, in other words the currency wars. BTW by the way, South Korea markets have to buy more U.S. sugar than any other Asian country, according to a graduate student research paper of Prof. Bruce Cummings at University of Chicago.
I am Korean. Developed countries always experience a population cliff. Europe is the same. So they just replaced the Muslim population. It is natural for marriages to decrease when you become developed.
The world is now entering the AI era.
If underdeveloped countries industrialize and develop, they will naturally experience population decline even if they become developed later. And the marriage rate will also decrease. Currently, China is also experiencing a population decline because young people are not getting married.
In the distant future, we will enter the AI era and all work will be replaced by robots.
I agree, unfortunately that future may not be that distant.
as they say first gen sets up for the 2nd gen, the 2nd gen make the wealth and the 3rd gen waste it all.
Infinite growth is impossible.
So why are all nations pushing for GDP growth knowing that it has limits?
@@gavinlew8273GDP growth essentially equates to profits for business owners.Given that nation states exist in service of finance, industry and merchantry you would naturally expect them to promote GDP growth.
Infinite growth is not needed. Just be satisfied after you have "enough".
Yeah, Except for USA. When their growth is over, the whole world will.
Not true. The US has been growing consistently for like 60 years.
This is new Japan. Zero growth for decades on end.
韓国はエンドユーザーにアピールできる製品を持っている事で過大評価されている。実際には日本を含む他国から部品、原材料、組み立て機械まで輸入しなければ何もできない。自動車では日本に勝てないし、半導体でも台湾に負ける。最大の弱点は金融だと思う。
You can replace workers with machines But machines cannot be consumers .
How can the Japanese government grow the economy if 800,000 consumers are Disappear every year?
@@carkawalakhatulistiwa ただ人が大勢いるだけで良いのなら、アフリカや南米も豊かな筈だ。欧米人は人を増やせば良いと考えているようだが、それが本当に正しいのか。俺には現状の欧米は凋落の一途を辿っているようにしか見えない。
@@大野靖男of course good sir it’s about balance….South Korea needs to find a balance. Keeping the birth rate above the replacement ratio is a good start. Lookup the Solow economic growth model
여긴 뉴재팬이 아니라 실제 헬조선입니다
Interesting topic. You capture some of the issues faced by Korea but you only mention in passing the single most important issue - population stabilization and decline. Economic growth rates directly correlate with population growth rates. When population growth slows or reverses into population decline, everything that powers economic growth - available labor, demand for products and, perhaps indirectly, productivity follows. This isn't necessarily bad. It just means we need to find an economic model that works in such an environment. That has been Japan's challenge. It will be interesting to see how Korea faces it.
As a South Korean, I predict that we will be forced to automate...EVERYTHING, and that we will be damned good at doing that.
It looks like the South Korean Economy has reached the limits of its potentiality. But this is in the economics sense. It is a hidden blessing. It will restore equilibrium to SK. The slowdown is bound to cure the demographic bombshell that SK is facing headlong fast. It is good that Koreans will not be as seduced by comfort and modernity to their own detriment as they have been these last few decades.
@@bircruz555 there is one key thing people kind of forget. The Chaebols make most of their money from selling products to other countries. South Korea could simply just become an export-driven economy instead of a consumption-driven economy like the USA.
@@FictionHubZA Point well-taken. SK is both an export-oriented and consumption-oriented economy. Sticking to one alone will mean a general reduction in standard of living. On the level of the nation, this is a good thing. And any accommodation of the demographic problem will require sacrifice by South Koreans. Bling-bling is overrated.
can korean women have a first baby when they are 30 years old instead of just playing until theyre 40 years old?
People aren't going to have babies until they know they can afford them and give them a decent life.
If you're going to spend your life being overworked which the average Korean absolutely is, no one is going to have time to meet people and settle down. Let alone raise children if they c abrely afford to keep a roof over their head.
Hard times in industralised economies does not lead to population growth. It does the opposite because children are a liability rather than a benefit like in agricultural economies.
People need to live comfortably with the cost of living at a reasonable level to want children.
Good comment. Means unemployment is low, people working, low crime, clean cities....etc.. Love it! Just don't allow American Liberal to Muck things up.
A bit of confusion here between growth and growth per person. What matters to a population is wealth per person, not absolute wealth. India is richer than Switzerland, this doesn't mean Indians are better off than Swiss people. A declining Korean economy by 2040 isn’t necessarily a problem if the population is falling too (which it is). Rising productivity (per person) and proper distributional policies can improve living standards even as growth declines.
Issue is some people care more about overall GDP while others care more about quality of living.
That's mainly because, the overall GDP and some other factors of country is what protect it from outside influence, for example being ahead of other countries in certain aspects gives countries huge influence and leverage over other countries, if SK to lose its influence and leverage, which automatically gives others to increase their influence and leverage in SK, so that outsider country can easily bend the country for it's own benefits or can destabilize the country very easily@@aoh4905
You will end up with a population collapse thinking that way. Young people between 30-50 pay most of the taxes that maintain the oldest of society, even with private retirement plans.
GDP matters, GDP per person more, but also maintaining or growing population.
@Zelielz1 no one is sure what a shrinking population will have in the future
What we can assume is with advancements in tech and science the quality of life for the fewer people around will likely be better off per person than it is now
@@chappy3125 Not if you are living off the taxes of people who dont exist anymore.
Individual prosperity is more important than economic growth.
Miracle might be over,but progress will go on. This year Korea export looks the highest in recent years by the strong bouncing from major industries.
Thanks, interesting upload - I lived in Seoul between 2006-2012
1985 to 2003, was in the states for a few years for university and settled here in 2011 permanently.
I believe South Korea can be seen as a living organism, striving for equilibrium. In this sense, the country is reducing its population to achieve a state of homeostasis. The people, its living cells, have been pushed to their limits by extreme work and study culture, intense competition, and soaring housing costs. It's as if South Korea recognizes that it can't sustain this 'overgrowth' in such a densely populated area. So, it's undergoing a kind of 'diet' to reach its optimal balance. I believe that once this adjustment is complete, the country will continue to shape a healthier society. It's an ongoing process for the survival and well-being of its people.
Extreme inequality reverses progress, anywhere
China has much higher inequality than 40 years ago and the average people still are much better off.
If you have lived in South Korea for a while, you will find it's not strange to know why the economy is so bad because young people have no passion and energy. Everything seems to die.
because everything is grasped by the Chaebols, there are no opportunities for the young generations.
It is really not exclusively young people's fault. Younger people in Korea, classed as generation MZ, have higher living costs than twenty years ago. Property is greatly over-valued. Getting a good job is even more of a high-stakes operation than it used to be. Older people who own property seek to maximise their investment at all costs. Yet, salaries do not keep up. So, young people, who may try very hard, end up thinking, "What's the point?" So, they give up things. They decide not to have children, or not even to get married.
The older property-owners, may treat housing as an investment, and not as a place to live. As they increase rents and puff up mortgages, they suck the life out of younger generations. Alternatively, wealthy younger people who inherit property, may look at a flourishing, characterful area of Seoul, and not value it. They will then jack up the rent to kick out the staff, then create another cosmetics shop, or knock down everything.
Young people may be at fault for not organising to demand change. The fact that the chaebols aren't doing so well is a warning sign.
Is the economy bad because young people have no passion or energy, or do young people have no passion and energy because the economy is bad?
@@drno87 the latter :/
4:50 This is not South Korea, but Japan.
And 4:54 is Hong Kong or China
You can replace workers with machines But machines cannot be consumers .
How can the Japanese government grow the economy if 800,000 consumers are Disappear every year?
Nationality is meaningless when describing the crowded oriental subway system. Anyway, I think Korea's subway system is the best among the three countries.
@@druvitduleh4883how many Chinese cities and subways have you visited?
All the underground stations in China have air conditioning.
The senior over 60 years old in China ride the subways for free or half price depend on the cities policy. And over 65 years old ride for free in all China.
About half subways stations look like 5 stars hotel lobby, or like art museums, some subway stations have library. Some subways stations have breastfeed room and provide the diapers for baby and period pads to women for free.
Same same...
Are any countries making progress? Every expert says the same thing - yet, countries still function. Why is that? Are we all doomed? I don't believe that
There’s no goal in growing gdp by a certain percent each year. For undeveloped countries it’s great, but not for already developed ones. Rather the goal is to ensure high quality on life for as many people of the country as possible
South Korean education isnt excellent. They dont fail students or give them low grades. As an English teacher even if a child couldnt speak or write 1 word of English you still had to give them a good grade. SK University degrees are not looked well upon for the same reason. Highest rate of child suicide in the world thanks to a terrible education system that forces kids to go to 8 hours of school and then 8 hours of Hagwon private education. And yes, the parents send them but the government should shut these down and provide good enough education at school so that kids dont need to study for 16 hours a day 🤷♀️😱
Could you please give more info? This is baffling
As a student in Korea, I must say that this statement is partially incorrect. If a student is not good at English, the teacher will naturally give them a low score, and they will be forced to compete with many other students receiving extensive education, leading to stress and fatigue. This is one of the reasons for the high suicide rate.
@@sky-ec7ro now this is another information and it conflicts the OP, could you give me more information? I'm a Brazilian and I am engaged in politics, specially policies about education, and our education system here is awful as nobody receives bad grades too
In the Korean education system, grades are highly stratified, allowing only the top-performing students to get into prestigious universities. I believe this system is well-structured. However, the competition has become excessively intense. Everyone invests significant time and money in trying to get into universities that fall within the top 5%, leading to considerable losses.@@ethandouro4334
They suicide because they have high IQ and they know life is a rip off.
South Korea has already become developed. Per capita income levels are similar to western europe. So Growth has to be led by productivity only which can at best grow by 2%. Any extra growth has to come from exports to USA. So if US economy grows at 2%. South Korea can barely grow at 2-3%. But it is not bad at all. Compared to Spain, Italy and other southern europe, South Korea is Far ahead. Only Nordic countries, Germany, benelux countries are ahead of them. South Korea will always be at top 10 countries. What else can you expect?
Hell, ppp per capita wise, it's already overtaken the UK
As Korean whenever visit Europe i feel that our daily life looks better than most European countries. I drive MB S63 , dining out at fine restaurants anytime and travel in besiness class. Golfing at private club. Economy goes well even low comsumption.
@@brianhlee4781asia is already better developed than the americas and europe, this is just caucasioids coping when they make hit pieces against asia
No need to worry. Just change the narrative from "slowing growth" to "mature and stable" economy. Problem, what problem?
exactly.. with all these talks of Japan stagnating.. they seem to be doing just fine..
Not that stable any more. Lossing out in ship building. Cannot build better LNG ships.
I mean basically all european nations have a lot worse growth rate than South Korea
Korea's GDP is heavily government supported. Nearly 60% of all Samsung funding is not from profits or revenue, but from Government incentives and funding. Almost every Samsung ad you see in the world is funded by the Korean government. So in other words, if Samsung makes a loss, it doesn't show on their books, but the government lose a lot of money and keep gathering a lot of debt.
@@NimoraSamsung is one company. I'm talking about the economic growth for the whole economy. Which includes bother public and private sector.
Which is a lot better than almost all of Europe with some economies posting economic growth below 1% and sometimes even minus, even the German economy is struggling to get above 2%. Meanwhile Korean GDP growth is above 2% yearly and if forecasted to keep growing at this rate for the foreseeable future.
They also have government supporting the economy but still can't grow.
So, South Korea is outperforming almost all European economies and is still somehow doomed?
We only see innovation happen in America and China nowadays, so South Korea is by no means unique in seeing economic slowdown, almost every single economy europe is a lot worse off.
Not to mention the demographic collapse of its' population. Current S Korea birth rate falls below .7; Just this year there were hundreds of schools closing down, the economy is switching to a childless one as Many service sector business now aimed at providing services for Single men and women, for example pet industry is growing rapidly as Many would buy pet to cure the loneliness. One day for sure That N Korea would unite with the S Korea with out firing a Single shot as There are no people to fight.
Population of North Korea is currently have that of South Korea, it would take generations for that to happen, and even then we are not counting South Korean diaspora of which there's millions all over the planet. Not saying you're wrong just wanted to add context.
This is a problem in EVERY rich country...
@@Angel-qp9mp You're assuming their population is decreasing with a constant speed, but no, usually it's decreasing exponentially. It's happening faster than you think.
@@aoh4905 Ive always felt SK is a quietly unnoticed leading indicator for the world in many aspects: birthrate decline now the west, "untact generation" now jonathan haidt, infinity sideways kospi soon spx/nasdaq 💀
@leezhieng no it's an aging society people not a dying one
Short video with concentrated information. I really appreciate your work. Thank you.
If you look it that way, it's even more impressive that Japan has been holding up up for so long. I mean the economy is stagnant but it's stagnant for 30+ years, not getting significantly worse or better.
no. just like a man or woman in his/her 20's. He will graduatelly become old. But the process speed up when he/she passes 33/34.
@@kangzhilou4207 man, that are specfic numbers xD
日本の事を悪く言っている人たちが住んでいるどの国よりも日本は豊かで安定しています。
@@大野靖男 その通りです。だからまた帰ることに決めました。あと数年わかかりますけど。😞
The Warmongering US and their weaponized dollars are the main downfall of many nation's economy
When the country leaders are in love with the USD paper currency, then the people will suffer.
Really, name me a country whose currency is nothing but paper?
can korean women have a first baby when they are 30 years old instead of just playing until theyre 40 years old?
You did not watch the vid.
I know you need to put out videos for clicks and engagement but this seems blown out of proportion; Korean products are still highly competitive and have a great reputation globally (as someone in the US, the premier superpower nation, can attest to), and the Korean economy still is doing alright. They avoided the middle income trap not sure what people in the comments are talking about...
Its certainly no paradise but it isnt as bleak as it is painted here
German miracle😂
Chinese miracle😂
South Korea miracle😂😂😂
Three factors that are hindering Korea's economic growth.
1. Population decline.
2. Cheabol's inefficiencies and lack of competition/aggressiveness/innovation/transformation as they once had.
3. China's rise and domination in the region and the world.
South Korea has a problem similar to VW now facing. They relied on Chinese market too deeply for too long.
America says China over subsidies EV, but isn't South Korean government also subsidized for their chaebols for decades to grow bigger. To make cars cheaper than Japan to have an advantage in exports?
US and EU also heavily subsidize a lot of companies and industries
You are saying the same thing over and over and over and over again. Man it's annoying.
It gets views that’s why they keep spewing this shit over and over again. The reality is a 10 minute video cannot describe issues of the Korean economy. Or even any economy on earth. This video and every other video that says the end of _____ miracle or describes countries as dystopian will not even become close to becoming nuanced or describing what it’s actually like. But plenty of people will eat this shit up and believe it. The same with X country is gonna die out because they don’t have babies. Or all the anti American stuff people eat up online along with the anti China bs people love.
In a sentence, SK can't compete with China and lost. YT videos today are saying the same thing in different ways to lengthen the video, also provide unnecessary lengthy background or history. Usually I fast forward to skip the annoyances.
@@kcng918SK is a developed country with very high standards of living all across the board. It does not compete with a developing country like China with living standards similar to Korea in the 90s.
@@Kua99583 S.Korea is nothing in front of China, accept that fact, SK are only equal to a small province in china. And China also has cities with high living standards and modernity can compare to seoul or even better in some aspects.
increasing the GDP per capita of 1.4 billion people is much much more difficult than 1 small country like SK.
Using your logic, SK is nothing compared to Hong Kong .
Was there a minimum word-count-like some junior high book report?
People of SK are smart, diligent and strong. I live in a very highly industrialized European country that produces high-tech staff. But we buy Korean staff, TV, car, phone.. Because Korean products are vey reliable. SK will come through its problems. They have very strong mind. Greetings from Sweden to SK..
This! Koreans always survived thru adaptation and ingenuity for millenniums.
thank you from south korea.
Thank you. As a Korean, I believe that we will find a way to survive, just like we have survived all the hardships of the past. Koreans become strong when we face challenge. So Thank you.
Sweden soon will become African shthole with the same crime, gang wars, zero working culture and education.
Praise the liberalism and feminism
6:05: "The population is shrinking rather than growing, and the labor force is shrinking along with it."
Korean Labor force:
2023: 29.6M
2022: 29.3M
2021: 28.8M
2020: 28.6M
2019: 28.8M
2018: 28.5M
The Korean labor force is at an all-time high, and since 2020 has been continually growing. Please state your source.
Korean big corporations received heavily subsidies from its government for years, but…never faced sanctions from the US like China now.
that's because SK is considered a valuable ally to the US. There are many military bases there that are strategically important.
@@jh-il5sb Lol , SK is under occupation not valuable ally . It's being prepared to become a 2nd ukraine to fight china .
보조금 받지 않아요 지방에서 산업단지 장소 조성해 주는것 세금 감면 정도의 혜택이 다 입니다 중국과 비교하면 안됨
@@fislen-e1d보조금 엄청 받음. 대기업 존재이유 = 적은 수의 기업을 보조금으로 운영하는 시스템 = 우리나라 경제
No subsidies at all. Just tax cut for R n D investment.
This is such a helpful video! As an American, I knew the one-sentence summary about chaebols, but I wanted a deeper explanation. Thank you!
No child + cronisym = high income trap
gdp naturally slows as a country becomes a developed nation. export-oriented economy made them come up to the point they are, and their heavy investment in r/d will continue to make them competitive
I studied there back in 2018 and my American professor said that, unlike China and Japan, it's really hard to escape the middle income trap. Chaebols basically made it impossible to compete with them. They will always create something that's better, cheaper and more readily available compared to what your average joe can make
I thought Korea already escaped that trap?
@@dntdnt9999 *Yeah I don't think of these guys knows what they are talking about, South Korea escaped middle income trap 30 - 40 years ago back in 1980s ... Today it have a living standard similar to countries in Western Europe especially in real terms.*
*Middle income trap I mostly describe in a describe how to describe Malaysia and Thailand however they also just escaped it quite just miraculously, Especially Malaysia just recently entered High income country (about 2 years ago) I guess that is the sign that they have escaped the middle income trap?*
South Korea has definitely already escaped the middle income trap, and is just as developed as Japan, and far more developed than China, especially outside of the tier 1 and 2 cities.
*... but also remember there are some Westerner with some unscrupulous intentions still try to call Japan an "emerging economy" despite it is industrialized 140 years ago and the defeated "the Great Armada" of Britain and basically sent the entire Russian fleet (sank the main fleet then this is reinforcement backup) into the bottom of the ocean over 100 years ago*
*Try to convince me that they are just ignorant and don't know any histories 👍*
@@dntdnt9999*... but also remember there are some Westerner with some unscrupulous intentions still try to call Japan an "emerging economy" despite it is industrialized 140 years ago and the defeated "the Great Armada" of Britain and basically sent the entire Russian fleet (sank the main fleet then this is reinforcement backup) into the bottom of the ocean over 100 years ago*
*Try to convince me that they are just ignorant and don't know any histories 👍*
Nothing is for ever the party must end eventually!
Weird how you say that cause humans have been around for hundreds of thousands of years evolving.
As a teacher in Korea, I can confirm. My pay has not risen in 15 years.
Meanwhile the price of kimbop doubled 😢
This sounds like japan...
@@bayjustin3885 I remember when dinners cost me 5000 won flat and when a bag of 8 apples cost 4000-5000. Wth is going on with this world?
@@breakaway2x usury is a curse ,all religions say that but the modern economy and banking system is designed on loan and usury.
Another curse is cheap dopamine.
Instant shoots of cheap dopamine have snatched off people motivation.
That's why even music is haram in islam as it is a form of cheap dopamine.
Islam hates all things which provide cheap dopamine.
You can see how drug addicts most of the time are failure.
But nowadays society as a whole is becoming addicted to cheap dopamine, through social media, masterbation, pornography, drugs and reels.
ㅈㄹ하고있네 2009년 1호봉 기본급이 90만원이었고 2024년 15호봉이 270만원이다
단순비교로 3배 올랐고 기본급제외하고 기타 금액 100만원 가산하면 400넘을텐데???
You struck a gold mine with "copy and improve".
Saw this video and I can say this is a shitpost. No sources, no analysis, just an opinion based on the same criticism that existed since the 70s.
Wait and see. What happens!
South Korea has an inspiring historical economic development. I live in Turkiye. 40 years ago, it had an economy on par with Turkiye. Now it has surpassed Turkey. It has large developed companies. Even though it has some economic problems, I think South Korea still has a developed country. I hope their economic situation will be better.
Never see or watch any products Made in Turkey
@@silverianjannvs5315 we buy their fruits and clothes
@@silverianjannvs5315 They became a cheap workforce for western companies, so when you look at the label on a whirlpool washing machine you can often see "made in Turkey".
Cool videos man
Institutions must evolve as their society change. That is true anywhere. If the social, political, and economic institutions do not change to fit the new reality, they create rigidity and kill off innovation. The result is stagnation. History is full of countries which did not change with the new conditions they face, and suffer failure.
Looks like South Korea is the latest example of this rule.
Adapt or die... no way they thought things were going to stay the same forever.
seoul birth rate as we speak is sitting at 0.7, meaning every 3 couples you will get 2 babies. presume the number dont change, 3 generation later korean population will drop to about 15 millions. the most reliable market u can fully control r u domestic market, if u dont even have that really there nothing much u can do.
Expecting some propaganda and got an indepth credible and belivable explanation rooted in economic, human psychology and history. Well done.
From a brazilian point of view I hope that Korea use the conections of its people spread for the intire world to find a way to raise its economics again... nice people😊
We know that we’re in trouble, but we’ll find a way as we’ve always been. Nothing has been done easily, whether it's the Korean War, democratization, or the 1997 IMF economic crisis. And yet we always found a way. It's a really tough time, but I believe our country will get through it.
I am Korean. Developed countries always experience a population cliff. Europe is the same. So they just replaced the Muslim population. It is natural for marriages to decrease when you become developed.
The world is now entering the AI era.
If underdeveloped countries industrialize and develop, they will naturally experience population decline even if they become developed later. And the marriage rate will also decrease. Currently, China is also experiencing a population decline because young people are not getting married.
In the distant future, we will enter the AI era and all work will be replaced by robots.
Don't worry. Koreans are smart people.
One of the main reason is most of Korean industries are overlapping with Chinese. Just a matter of time for China to catch up due to size and population.
Problem with china is its image, chinese products suffer of in image of bad quality. People will still prefer japanese, south koreans and european products over anything chinese
They already caught up and is surpassing them. And the gap will be wider.
@@Skkj0802 Reasons for China's growth: low prices, imitations, low-cost labor. Quality is still low.
Every thing will be alright....
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Growth is needed for a static and even declining population why?
Fantastic video! I have incurred so much losses trading on my own.... I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
Same here, my portfolio has been going down the drain while I try trading,I just don't know what I do wrong..
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
I think l'm blessed if not I wouldn't have met someone who is as spectacular as expert mrs Fenella..
Highly recommended 🙌
Wow, I'm surprised to see Fenella mentioned here as well. I didn't know she had been kind to so many people
I'm also a huge beneficiary of her..
I thought myself and my family were
the only ones enjoying Fenella
trade benefits
Less concerned since Korea is continuing to offshore. None of that production gets counted into GDP.
" We will find a way; we always have "...
..from Kor.. :)
no you cant, its too late now
@@toshiyanger4121do you take satisfaction in that? I assume you are pro Japan? Why come here?
@@justlim622 you missed your golden opportunity, now you have north Korean to worry about. Always thought you Korean were different and had huge Respect coz of honest people like Yoo Jae Suk, but reality is too shocking, your people are too misogynistic and racist towards Indians and other minor Asians so of course we are dislike Koreans now
@@toshiyanger4121 Hey buddy, you don't hold the future in your hand and do not know how it will go. Chill sweetie 🥰
@@Rainbow_Task_1A all out war is inevitable now but south will win at the cost of half of all Koreans.
Sansung mobiles really hanged very soon.. i bought very expensive samsung mob.. it started hanging within 2 years..
Main reason above all is the change of economical environment of the world. Once friendly and affirmative with the growth of Korean economy so that less odds and difficulties was expected in the global marcket for us are now drastically changed due to the rise of chyna that violating so many good environment of the world market in so many cheating ways. That thing has built strong trade barriers with developed countries who has been long costumers of korean products but decoupled from all export driven growing countries like us, in fear of surging chyna's dirty plays in global market. Overall the root cause of decline in our economy stems from chyna's so many dirty plays to have violated and destroyed the sound environment of trade.
Aging the labor forces and declining population or lackluster enthusiasm of businessmen to success is next causes of the decline of our economy that also originated from the vicious effects of chyna's rise and derangement in world markets. Our decline is aligned with the fall of western society in terms of decreasing revenue from trade. The developed countries have been exploited their property to chyna by so many cheating ways that has prompted themselves to build walls against all export countries, and that's the main reason.
Let me make one thing clear, the global market was never good or kind, don't blame your own failure on China.
Any better country among advanced economies??? Other countries have faced more severe problems than South Korea. Look at yourself.
Besides the population decline, S.K. really needs to curb the conglomerates from being able to buy out or crush every really good potential startup companies. There are so many smart people in this country that can invent new ideas, but what is the point when they will just be forced to be bought out for pennies or crushed because the conglomerates can copy their new invention without any repercussions, since they control all the judges and politicians. I think giving conglomerates less power will definitely improve the SK economy in the long run.
South Korea is doing fine and North Korea population is in a decline
I am a South Korean. In general, the sugar content of fruits is higher in the fall, not in the summer. What I mean is that in the midst of the reduced population growth rate, new generations with superior abilities are being cultivated. Among them, geniuses like Elon Musk will emerge and lead us. It is true that we are facing a great crisis now, but I think that all crises, like in the past, will make us more capable and agile.
SK needs its own Elon Musk then..
@@svart7716every country needed
@noneunpaeseperneoliberistiSouth Korea has 0 scientific Nobel Prizes. Zero.
Welcome to Korea! Hungary.
When you discover just how phony the “myth of Elon Musk” really is, you will be disgusted with yourself for ever admiring that man!
Cause there are no new tech. Phone , electronic already on its peak.
Koreas birth rate has fallen even further, which doesnt help.
Old music theme in your videos was so good :) why to abandon it?
Some nobody makes a TH-cam video and they are at it. Korea is better than USA to live life. This coming from a guy who grew up in US and lived there 30years. The quality of life in Korea is much better. It’s safer. The convenience. Free healthcare
Healthcare isn't free it's just cheaper. But yes I agree with you, I lived in Korea for over a year and its much nicer here.
Depends on everyone's experience but healthcare is night and day better in Korea for sure. Problem with foreigners is most of them want to live in Seoul with very little skills which is like someone trying to be an amateur star in Hollywood or New York. It's going to be hard and costly.
went to usa for college and graduate degree. came back to seoul and now realize SK is utopia compared to the west. no perfect countries exist but SK is great. 🇰🇷
so which point exactly are you disagreeing with?
@@Angel-qp9mp it’s free long as you have a job. It’s mandatory by the state to provide you with free health insurance.
Interesting video. I think that in the 2010s, Koreans grew by taking advantage of the ‘American methods’, but in the 2020s, they seem to be in a precarious situation cuz they are also following the same side effects. Many people predict that Korea will follow the Japanese-style crisis, well honestly I’m not sure… No matter how I look at it, I think they are following the past of the fallen states of the United States. At least, the Koreans I met during the pandemic year still had passion. They might be busy fixating on the right answer they hope for.
Unfortunately, most successes without philosophy are like that.
You showed Korean semi-conductor industry as being "failure" in innovation and the industry Koreans failed to enter. But Samsung chips did so well and one of the biggest chip makers in the world UNTIL the chips act the US banned them from trading with China thus losing 90% of their profit in a single year.
Koreans and Japanese ain't stupid, they know how to change strategies and continue their growth. In fact they are one of the smartest countries in the world. However, they're ideologically under American dictatorship and State Department will decide if the grow or not.
South korean tears is the best coffee ingredient.
🤣🤣🤣🤣
You from japan?
요즘 유튜브에 한국 경제 관련 컨텐츠가 많던데 별로 보고싶지 않고 듣고싶지도 않습니다.
그런데 사람이 보고싶은것만 보고, 듣고싶은것만 들으며 현실부정을 한다면 그사람은 영원히 발전이 없겠죠.
그렇지만 가끔가다보면 전혀 근거가 없는 낭설을 예시로 들며 날조를 하는 클릭베이트성 컨텐츠가 많은것도 사실입니다.
왜냐하면 우리도 우리 미래가 마냥 장미빛이 아니라는걸 알고있고
또한 현실을 직시하며 해결방안을 모색하고 있기때문에 최소한 어느것이 사실인지 거짓인지는 우리도 알고있거든요.
요즘 유튜브에는 한국은 이미 멸망해서 지도에서 사라진것으로 표현이되네요 ㅋㅋㅋ
해결방안을 모색하지 않는다는게 문제죠. 걍 사실만 알리는 수준에서 끝나고 잇음. 정작 5-10년내에 경제와 사회인프라가 초토화될텐데. 결국은 인구재앙의 쓰나미를 쳐맞을겁니다
Not just Korea! You should see what they do to Germany, UK and Japan! It's cyberbullying and it should be censored in my opinion!
I totally agree.
경제는 돈이다. 돈에 관한 노력엔 기적이란 없다. 현명하고 현실적으로 생각하고 노력하라. 개선의 여지가 있는 한 한국은 거기에 있을 것이다. 그것이 성공이다. 한국은 항상 성공할 확률이 다른 인종보다 높다. 공부하는것을 보면 알수있다. 세상 뭐라해도 한국은 못이길것이다
Yeah, it's a dystopia, but we keep living on.
It's a country of food consumer negative. If every working class and people eat at home and can't afford to eat out. The food industry is depressive and its rippling food related sector spending that fuel a country's economy. Food generally is expensive. The tourism industry not catering to Asian tourist economy. Hotel cost is so expensive in the cities US$100 up a night for asians RM$430, whereas in Malaysia you can get a decent hotel room at RM$100 (US$23.60) and abundance of budget hotels catering to every budget conscious tourists. Land is expensive and scarcity makes commoners can't afford to own budget hotels.
What do you mean? Go to similar gdp countries in the West. Eating out in Korea is super super cheap.
S Korea is one of the cheapest places to eat out... you can even deliver food home which is cheaper than almost every western country. And Korea/Seoul is pretty cheap to live in... problem is everyone wants to live like a star. You can get decent places for $400 a month in Seoul... just stay away from posh neighborhoods. Or live in a different city.
@@wendyshoowaiching4161 your comment is what people who are online all the time will say
Korea is cheap to eat out compared to other developed countries 😂😂😂
FINALLY PAL WHERE HAVE YOU BEEN??
American engineer here who works for South Korean company (you can prob guess). Many of the Korean engineers I work with, as soon as they come to live in the U.S. as an expat for a stint of time (1-3+ years), almost always are willing to give up their safe and secure employment to immigrate into the U.S. for their family and more specifically their children’s sake. The company itself forbids it, probably because it’s expensive and brain drain is real, but the engineers more often than not always go for that green c.
Then they come back to Korea after racist xenophobia drugs and police brutality of America.
America is already a failed country. Woke and DEI itself show the backwardness of it
Sure but that's just what you see... majority stays because that's just how countries are. Engineers do get paid more in America though but it has its pros and cons.
I know a dozen of korean peers who moved their entire family to south east asia countries like Malaysia or Singapore, to escape the "living hell" (this is the word used by them) in Seoul.
@@leezhieng China has also lay flat and let it rot economic-social issues and has not yet to achieve developed country status while already ageing at a rapid rate. To each country it's own problems.
This insightful analysis sheds light on the intricate dynamics of South Korea's economic model, highlighting the challenges it faces in sustaining its growth trajectory. The evolution of the country's high-tech industries through a strategy of creative imitation is fascinating, but as the global landscape shifts, the limitations of this approach become increasingly apparent. The stagnation of growth, coupled with the changing competitive landscape, necessitates a reevaluation of South Korea's economic paradigm. The entrenched interests of the conglomerates, the waning advantages that propelled their success, and the inertia in policy reform all point to a critical juncture for the country's economic future. The imperative for adaptation and innovation is clear, but the path to rejuvenating South Korea's economic prowess remains uncertain. It is a compelling narrative that underscores the imperative for proactive measures to navigate the challenges ahead and secure the country's standing as a global economic powerhouse. What are your thoughts on this analysis and the prospects for South Korea's economic reinvention in the face of these complexities?
Still better than Germany so I wouldn’t worry
Germany is doing fine, don't listen to the cyberbullying out there, it's only gossip! Germany is still the first economy in Europe and the third in the world! They are perfectly capable of overcoming any crisis and come out straight and clean, as their history shows over and over again!
One cannot always depend on an export market for manufactured goods.
?? Korea made world first SNS and VOIP, plus navigation system and e-government are all world's first. I don't know what made you think Koreans only copied western products but next Korean innovations will likely come in forms of smart public transportation, personalized AI education and artificial sun "KSTAR". We'll see.
Korea's most profitable products today are smart phones and tablets. These are products unabashedly copied from Apple and other American companies. It led to the "patent wars" in the 2010s. The only thing that stopped the patent war was the cross-licensing business model. A smart phone has hundreds of components, each of them protected by patents. Apple and american companies need some of Korean patent rights in the digital screen in order to ship their own products globally. So they had to settle the legal disputes with South Korean IP thieves.
This is the problem of the present South Korean economy just like many economies that are adjunct to the US economy which is in big disarray.
Wrong opinion!
Hampir mendekati kebenaran
US should be in the same boat actually. But not because they are replacing all low jobs with illegals and high jobs with immigrants.
Sounds like American big tech monopolies
south korea is ran on 5 things. tech, music, gaming, lawyers, doctors
And also k-drama
The big one for South Korea would be the unification with North Korea ( peninsula).
Yeah i think so too.
A nation that innovates rules the world , a nation that imitates can only go so far, japan s korea now china all r declining , too much dependency on exports & most exports r 'discounted' by central banks to remain competitive in world markets, this loss making concept cannot run for long , as the standard of living goes up cost of production increases , lower income nations like vietnam , malaysia r waiting to take over 'plus' negative population growth , that's the final nail on the coffin .
I am Korean. Developed countries always experience a population cliff. Europe is the same. So they just replaced the Muslim population. It is natural for marriages to decrease when you become developed.
The world is now entering the AI era.
If underdeveloped countries industrialize and develop, they will naturally experience population decline even if they become developed later. And the marriage rate will also decrease. Currently, China is also experiencing a population decline because young people are not getting married.
In the distant future, we will enter the AI era and all work will be replaced by robots.
Marriage is a choice, not a compulsion.
If you have a lot of money, it is natural not to get married.
Southeast Asia may develop in the distant future, but Southeast Asian countries will also experience population decline 100 years after industrialization. This is natural. Currently, Thailand is not a developed country, but an underdeveloped country, but it has a serious low birth rate problem.
Not true. Look at US now. Perhaps innovating new wars is what you mean. Even then, as it stands US is 34 trillion dollars in debt.
@@iaam8141 Surprise, surprize , America has been at war for 222 yrs in ite 248 yrs of existence, 2021 Oct ,the afgan war came to an end. The world enjoys r the privileges part of war industry right from chips , internet , gps, the moon landings, the sensors 'war industry n innovations' go hand in hand .
@@iaam8141 Couple things learnt from the history , united states has always been in war & in debt ( except for a few yrs ) through out its existence , 222 yrs of war , 245 yrs of debt , nothing new .
When you have no natural resources, you hit the ceiling of development pretty fast. You need to keep developing new tech and product to keep growing and, but in the era where technology becomes comoditized quickly, it is becoming an impossible feat. China, the us, indonesia and russia maybe the only countries that can still grow 3 to 6% a year because of the natural resources they have, and the price of the natural resources are not getting lower due to their scarcities.
Ke depan ekonomi korea tidak dapat bertahan kerana kalah bersaing dari segi kualiti, kecanggihan dan harga iaitu made in China💪💪💪